All Forum Posts by: Account Closed

Hi Henry, 

Sorry. I don't have an answer. But I think you shouldn't have any hard enquiries in your personal credit history in the past 6 months before applying for the  business loc products you had mentioned.  

Rgds 

Kishore

Hi Henry,

If you have income generating business with good business credit score then you can get business loans with very less interest rates. If not, the rates/charges that you mentioned are typically charged.

As you mentioned you've excellent credit score,  I suggest to apply for unsecured loan with Sofi. They might charge around 6.9% (if you enroll for auto monthly payments) and can easily  get around $60K +

Rgds 

Kishore

Hi Anders

If you are looking for cost effective ways to manage it then I would suggest the below

#1 Hire virtual assistant to handle all the stuff that can be taken care via online ( I think they usually charge around $500 to $700 per month for 8 hrs. So for round the clock help hire 3 ppl. They can follow up with guests about bookings or check-ins/checkouts, answer phone or online enquiries, call repairmen if any repair is heeded, manage cleaning staff or runner schedules , share room access codes with guests, monitor hotel premises for suspicious activity etc.

#2 Install wifi or bluetooth based locks to the units/rooms so that your guests have time stipulated acess to the unit/room

#3 Install outdoor security cameras or doorbell cameras (if possible) to monitor hotel outdoor premises via online.

#4 Hire a runner (like a college/high school student or young guy in search of part time job who charges reasonable hr rate) to inspect the room after the cleaning staff cleans the room or you can ask cleaners to tickmark the check list , share photos/videos of the cleaned rooms and share them. You can ask your VA to cross check those.

#5 appoint a local n reliable person to be available on need basis and pay him whenever he needs to visit the hotel.(when any urgent or emergency visit is required)

#6 take help of booking sites like hotwire or booking.com for increasing occupancy 

#7 use other online ways (Google ads etc) to increase bookings

Hi Angela 

Pls try below 

https://flatfeegroup.com

Hi Angela, 

Did you get a chance to list it in crexi, MLS

Networking with other investors in REI meetups, Facebook groups, REIA can also be helpful in these situations

@Jaron Walling , Did you get a chance to look at the Indianapolis city statistics in Airdna.co ?  , with a free account you can get basic info and if you're a paid member you can get most of the details. 

Thank you Gene and William for your suggestions

@Elena Merchand. Thanks for your response. Will PM you and discuss further. 

rgds

Kishore

Thanks for the info Ronald. Do you know any institute that does the market study for senior housing facilities ? 

@Ayman Elmasik, Have you tried using any of the below

#1 using your house for short term rentals (aka AirBnB type) and then relying on companies like Evolve to manage it. As your house is near hospital,  you'll have good occupancy rate.

#2 leasing it for people who are willing to do yearly lease (1.5 or 2 times regular rent) from you and use it for AirBnB rentals. They'll be responsible for all the damages caused by the guests and even take care of minor repairs

#3 Offered to sell your house to any prospective buyers using creative financing  ways like seller financing with minimal down payment and then selling that note and cashing it. 

Like you mentioned, you can even use it for Assisted living facilities (ALF) but an officer ( I think Fire marshall dept) will need to inspect and provide Certificate of occupancy.  I think there are five departments to get through for getting your license to run ALF.  

#4 You can try to approach any nearby ALF or rehabilitation or mental health company and ask if they are willing to expand their portfolio and you can lease it to them for 2 or 5 years (usually 1.5 or 2 or 2.5 times standard rent). But pls note, they usually look for more bedrooms so that can make some profit and you may need to do some house modifications to align with their interests as well as to make it ALF compliant. 

In order to address neighbor's issue,  Did you get a chance to invite your neighbor for a lunch and then try to address his/her concern.  

rgds

Kishore